Refined Soy Oil Futures Closed Lower Last Week

Refined soy oil futures closed lower last week and continue its range bound trend intact as demand and supplies seems to be steady. With expectations of bumper oilseeds output, availability of edible oil in the country is seen rising. According to data released by the Solvent Extractors' Association of India (SEA), during Nov-Feb, the country had imported 4.68 mt of edible oil, down from 5.09 mt a year ago. The government has cut the base import price of soyoil by $9 per tonnes for second half of March.